MIAMI—CREC just closed on the bulk sale of 141 condos in the Fort Lauderdale suburb of Sunrise. The sale price: $17.25 million, which equates to $121,453 per unit or $137 per foot.
The Isles at Lago Mar Condominium was built in 1991 as rental apartments. The multifamily units, which are located near the intersection of North Flamingo Road and Sunrise Boulevard, were converted to condominiums in 2005.
The CREC senior vice president Peter Mekras represented the seller, assisted by CREC associate Chris Bate. The asset drew 10 offers from local, international, and out of state investors. The ultimate buyer was a private investor and was not represented by a broker.
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